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Saudi Reinsurance Co. — Capital/Financing Update 2022
Apr 6, 2022
53505_rns_2022-04-06_6204510b-22dc-4170-8934-e4dba8076fd8.html
Capital/Financing Update
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Saudi Re Announces the Board Recommendation to Increase the Company’s Capital by Offering Right Issue
8200 · 06/04/2022 15:23:35 · Announcement #67568 · View on Saudi Exchange
Saudi Re Announces the Board Recommendation to Increase the Company’s Capital by Offering Right Issue
| Element List | Explanation |
|---|---|
| Introduction | Saudi Reinsurance Company (Saudi Re) Announces the Board Recommendation (By Circulation) to Increase the Company’s Capital by Offering Right Issue |
| Date of Board Meeting | 2022-04-06 Corresponding to 1443-09-05 |
| Target Amount | SAR 445,500,000 |
| Reasons for the increase | Strengthen the Company’s capital base and support its future expansion activities |
| Eligibility date | Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer's Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly's Meeting. |
| Approvals | Subject to Saudi Central Bank and Capital Market Authority and other regulatory authorities approvals in addition to Extraordinary General Assembly approval |
| Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA | The announcement will be made upon appointing a financial advisor for offering, as well as upon submitting the request for capital increase to the Capital Market Authority for approval |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.